Dogecoin (DOGE) Rallies 12% to 3-Year High Amid ‘Face-Melting’ Price Predictions

The largest meme coin by market cap has continued its rally, which was solidified by Donald Trump’s election as the new US president earlier this week, and has soared past $0.23 for the first time since the 2021 bull run.

At the same time, numerous X analysts and users have started to predict rather wild price targets, including one for $3.9 per DOGE.

DOGE/USD. Source: TradingView

The chart above showcases DOGE’s massive rally as of late, which drove it from $0.1 last month to $0.23 earlier today. This means that the meme coin soared to its highest price tag in nearly three years after surpassing the 2024 peak of $0.228 charted in March.

Perhaps the most probable reason behind this impressive run is Dogecoin’s affiliation with Elon Musk, who has played a vital role in Donald Trump’s victory in the 2024 US presidential elections. Trump and Musk spoke about establishing a Department of Government Efficiency (D.O.G.E) under the former’s administration, which will be led by Tesla’s CEO.

Given the acronym, DOGE’s price benefited a lot after each time the potential new department was mentioned during the campaign speeches.

Despite already being 110% up on a monthly scale, numerous X traders and analysts predict an even brighter future for the largest meme coin.

Mags, a crypto user with almost 100,000 followers, outlined a ‘conservative’ prediction of $1.17, which could be reached during a meme coin supercycle.

$DOGE pump will melt faces.

Last cycle, I shared Dogecoin before it went up by 170x.

This time, I’m targeting $1.17 – 8x (conservative target)

We are in a memecoin supercycle, and you really think DOGE won’t hit at least $1? https://t.co/2e2PE6ahAX pic.twitter.com/ztP1Ue2XfD

— Mags (@thescalpingpro) November 9, 2024

Kev_Capital_TA was even more bullish, indicating a potential price level of $1.8 or even $3.9 under certain, rather unlikely, circumstances.

In every single #Dogecoin cycle it has reached the 1.618 Macro Golden Pocket. The current Macro golden pocket is $3.90. However if we measure from the top before the Elon Saturday night live craziness then the macro golden pocket is at $1.80 – I personally believe $3.90 is highly… pic.twitter.com/Y0aVFmC2SU

— Kevin (@Kev_Capital_TA) November 9, 2024